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Institutions have accepted or given pre-approval for credit transfer.

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Tutorial

Personal Banking and Credit Saving

Financial Institutions and Investing

This video looks at banks, building societies,credit unions, an post and saving and invest.

Financial Institutions functions

Saving Schemes

This is a form of saving account. The account holder receives interest on the money in the account. Interest on deposit accounts is subject to DIRT.

Money can be withdrawn only through an ATM or "over the counter"

Cehquebooks are not used.

Deposit account types:

Deposit demand accounts. Money can be withdrawn at any time.

Term or time deposit accounts. Notice must be given to the bank before a withdrawal.

Credit Union deposit account.

A regular share account, which receives a share of the profits earned by the credit union. DIRT is not charged.

A normal deposit account, which operates in the same manner as bank deposit accounts. Interest on these accounts are subject to DIRT.

An Post Saving Schemes:

Saving Certificates are for people who want to save a lump sum of money. These currently offer a 15% rate of interest over a period of five years and six months. The interest is tax free and it is state guaranteed.

Savings Bonds are for people who want to save a lump sum for a shorter period of time. These currently offer a 7% rate of interest over a period of three years that is tax free. The money is state guaranteed.

Instalment Savings Agreement cater for people who want to save any regular amount between €25 and €1000 per month for a minimum of twelve months. The money is then left on deposit for a further five years and earns 17% tax free. If the money is withdrawn before the end of the term a lower rate of interest is applied.